My LenderFi refinance is going well

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PavlovsCat
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Re: My LenderFi refinance is going well

Post by PavlovsCat »

time916 wrote: Sun Aug 30, 2020 3:12 pm I just went on the lenderfi website and got a message that they couldn't find any loans for my scenario.
I want to refi a 98K mortgage with 500K equity in the home. Could it be the loan is too small for them to refi?
Just tried for ours at 245k and got the same message.
mega317
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Re: My LenderFi refinance is going well

Post by mega317 »

time916 wrote: Sun Aug 30, 2020 3:12 pm I just went on the lenderfi website and got a message that they couldn't find any loans for my scenario.
I want to refi a 98K mortgage with 500K equity in the home. Could it be the loan is too small for them to refi?
Same message. Balance is 600k—size doesn’t matter :happy
https://www.bogleheads.org/forum/viewtopic.php?t=6212
IdRatherBeHiking
Posts: 13
Joined: Tue Apr 28, 2020 5:19 pm

Re: My LenderFi refinance is going well

Post by IdRatherBeHiking »

mega317 wrote: Sun Aug 30, 2020 3:26 pm
time916 wrote: Sun Aug 30, 2020 3:12 pm I just went on the lenderfi website and got a message that they couldn't find any loans for my scenario.
I want to refi a 98K mortgage with 500K equity in the home. Could it be the loan is too small for them to refi?
Same message. Balance is 600k—size doesn’t matter :happy
I got the same message Saturday and Sunday. But Friday night for my 300ish refi with 60-70 LTV and excellent credit had the true no cost for 30 year at 3.00%.

And I applied on Saturday and it went through just fine. So go figure....
tato2017
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Re: My LenderFi refinance is going well

Post by tato2017 »

MBJ0909 wrote: Fri Aug 28, 2020 12:53 pm
newbiead wrote: Fri Aug 28, 2020 12:44 pm
So did you guys have to mail in the check for atleast the first month then if it took a month to get the online ACH setup ?
No, I didn't. I closed on 7/18, my first payment not due till 9/1. On 8/19 I was able to create and account and set up ACH to start on the 1st.
same for me as well. First payment is 9/1 and setup ACH 10 days ago. I will see how it goes this week.
feehater
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Re: My LenderFi refinance is going well

Post by feehater »

IdRatherBeHiking wrote: Sun Aug 30, 2020 4:03 pm
mega317 wrote: Sun Aug 30, 2020 3:26 pm
time916 wrote: Sun Aug 30, 2020 3:12 pm I just went on the lenderfi website and got a message that they couldn't find any loans for my scenario.
I want to refi a 98K mortgage with 500K equity in the home. Could it be the loan is too small for them to refi?
Same message. Balance is 600k—size doesn’t matter :happy
I got the same message Saturday and Sunday. But Friday night for my 300ish refi with 60-70 LTV and excellent credit had the true no cost for 30 year at 3.00%.

And I applied on Saturday and it went through just fine. So go figure....
I saw loans friday, none available on sat-sun, and today they were available again so I applied quickly.
akuseimark
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Re: My LenderFi refinance is going well

Post by akuseimark »

Loan closed on 8/11, funded on 8/17 and now I can see it on my old Wells Fargo account, even though closing documents said LenderFi would be the servicer. Overall a smooth transaction and would look to use them again next year if rates trend a bit lower.
MBJ0909
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Re: My LenderFi refinance is going well

Post by MBJ0909 »

LenderFi drafted my first mortgage payment today as I expected. From start to finish, everything went off without any issues at all. I had a great experience with them, this was my first refi and this thread and Bogleheads in general was really helpful throughout the process.
newbiead
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Re: My LenderFi refinance is going well

Post by newbiead »

akuseimark wrote: Mon Aug 31, 2020 7:14 pm Loan closed on 8/11, funded on 8/17 and now I can see it on my old Wells Fargo account, even though closing documents said LenderFi would be the servicer. Overall a smooth transaction and would look to use them again next year if rates trend a bit lower.
That's surprising! Since they didn't mention wells anywhere!? Was Wells Fargo your previous lender as well?
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

akuseimark wrote: Mon Aug 31, 2020 7:14 pm Loan closed on 8/11, funded on 8/17 and now I can see it on my old Wells Fargo account, even though closing documents said LenderFi would be the servicer. Overall a smooth transaction and would look to use them again next year if rates trend a bit lower.
You will probably get an email about it soon. Same thing happened to me for my end of July refi (July 27 close, July 31 fund date). Closing documents said LenderFi would be the servicer. Before receiving any communication from LenderFi or Wells Fargo my new loan showed up in my old Wells Fargo account. Afterwards, I got an email from LenderFi telling me that my loan was sold to Wells Fargo and Wells Fargo would be the new servicer. A little while later in the mail I received a "welcome packet" from Wells Fargo.
calabel
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Re: My LenderFi refinance is going well

Post by calabel »

Goal33 wrote: Sun Aug 30, 2020 2:04 pm
wordsmith11 wrote: Sun Aug 30, 2020 1:40 am
calabel wrote: Fri Aug 28, 2020 10:53 am
Nahtanoj wrote: Tue Aug 25, 2020 8:48 pm
calabel wrote: Tue Aug 25, 2020 12:02 pm

My timeline looks essentially identical to yours. I applied on 8/3 via backdoor and my lock expires 9/2. I got my closing disclosure on 8/20 with 8/24 listed as closing date and 8/28 for disbursement date. I got an email from my processor on 8/19 that I should hear from my closer any day now, and then another email yesterday (8/24) that I should hear from the closer soon. I'm yet to hear from the LenderFi closer or Amrock.

How much advance notice are you all getting for the signing appointment? My situation is a bit complicated... I'm currently at my residence in one state but will be traveling back to my other residence in a different state in the near future. The precise date of travel is TBD, I need to wrap up some business here first that has an uncertain end date and then I'm planning to drive to my other property ASAP on resolution. As a result, I'm not sure what state I need the mobile notary to come to for the signing without knowing when it is going to happen.
You might want to let your loan processor know that you may be in different states depending on the date. My situation is somewhat similar - spouse and I will be in different states at the time of signing. After I gave the loan processor a heads up (a couple of times), he said he would set it up as a “split signing” - which I understood to mean signing in two different locations. Signing hasn’t happened yet, and I don’t have a closing disclosure or date yet either, but I am hopeful it is going to work.
I've been emailing pretty frequently to remind them about the issue of which state I'll be in and trying to stay ahead of the lock expiring on 9/2, but all that's done is having the loan processor respond for a third time on 8/26 to say they've reached out to see if they (the closer, presumably) can get this scheduled soon. Time is starting to get tight for the lock expiration and I'm not sure what the holdup is other than their generally overloaded pipeline.
Blew past my rate lock (not because we weren't super responsive). I never mentioned it and neither did they. Closed and funded as expected. Whether it ended up costing them, I don't know but it never came up in any of the back and forth.
Glad to hear that... I’m worried about this since we are about to blow past my rate lock too. I think the only ones closing early are when they don’t come back for more information.
I've still heard nothing from my closer and no contact about scheduling a signing appointment, so I emailed my processor again. My lock expires tomorrow, and given I was told "cleared to close, you'll hear from the closer soon" for the first time on 8/19 a full 50% of the lock period will have elapsed simply waiting to hear from the closer after I was approved to close...
akuseimark
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Re: My LenderFi refinance is going well

Post by akuseimark »

newbiead wrote: Tue Sep 01, 2020 9:06 am
akuseimark wrote: Mon Aug 31, 2020 7:14 pm Loan closed on 8/11, funded on 8/17 and now I can see it on my old Wells Fargo account, even though closing documents said LenderFi would be the servicer. Overall a smooth transaction and would look to use them again next year if rates trend a bit lower.
That's surprising! Since they didn't mention wells anywhere!? Was Wells Fargo your previous lender as well?
Nope, haven’t used Wells Fargo for any mortgage services before. Actually closed all my accounts with them a few years ago since their branches aren’t that conveniently located for me. Logged into my old account and there was the mortgage! Happy to have an app for my mortgage servicing which i’ve never had before.
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

calabel wrote: Tue Sep 01, 2020 10:48 am
Goal33 wrote: Sun Aug 30, 2020 2:04 pm
wordsmith11 wrote: Sun Aug 30, 2020 1:40 am
calabel wrote: Fri Aug 28, 2020 10:53 am
Nahtanoj wrote: Tue Aug 25, 2020 8:48 pm

You might want to let your loan processor know that you may be in different states depending on the date. My situation is somewhat similar - spouse and I will be in different states at the time of signing. After I gave the loan processor a heads up (a couple of times), he said he would set it up as a “split signing” - which I understood to mean signing in two different locations. Signing hasn’t happened yet, and I don’t have a closing disclosure or date yet either, but I am hopeful it is going to work.
I've been emailing pretty frequently to remind them about the issue of which state I'll be in and trying to stay ahead of the lock expiring on 9/2, but all that's done is having the loan processor respond for a third time on 8/26 to say they've reached out to see if they (the closer, presumably) can get this scheduled soon. Time is starting to get tight for the lock expiration and I'm not sure what the holdup is other than their generally overloaded pipeline.
Blew past my rate lock (not because we weren't super responsive). I never mentioned it and neither did they. Closed and funded as expected. Whether it ended up costing them, I don't know but it never came up in any of the back and forth.
Glad to hear that... I’m worried about this since we are about to blow past my rate lock too. I think the only ones closing early are when they don’t come back for more information.
I've still heard nothing from my closer and no contact about scheduling a signing appointment, so I emailed my processor again. My lock expires tomorrow, and given I was told "cleared to close, you'll hear from the closer soon" for the first time on 8/19 a full 50% of the lock period will have elapsed simply waiting to hear from the closer after I was approved to close...
Keep us posted.
tato2017
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Re: My LenderFi refinance is going well

Post by tato2017 »

tato2017 wrote: Mon Aug 31, 2020 9:39 am
MBJ0909 wrote: Fri Aug 28, 2020 12:53 pm
newbiead wrote: Fri Aug 28, 2020 12:44 pm
So did you guys have to mail in the check for atleast the first month then if it took a month to get the online ACH setup ?
No, I didn't. I closed on 7/18, my first payment not due till 9/1. On 8/19 I was able to create and account and set up ACH to start on the 1st.
same for me as well. First payment is 9/1 and setup ACH 10 days ago. I will see how it goes this week.
my ACH went through fine, and i can see statement on the servicing web site.
newbiead
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Re: My LenderFi refinance is going well

Post by newbiead »

tato2017 wrote: Tue Sep 01, 2020 12:26 pm
tato2017 wrote: Mon Aug 31, 2020 9:39 am
MBJ0909 wrote: Fri Aug 28, 2020 12:53 pm
newbiead wrote: Fri Aug 28, 2020 12:44 pm
So did you guys have to mail in the check for atleast the first month then if it took a month to get the online ACH setup ?
No, I didn't. I closed on 7/18, my first payment not due till 9/1. On 8/19 I was able to create and account and set up ACH to start on the 1st.
same for me as well. First payment is 9/1 and setup ACH 10 days ago. I will see how it goes this week.
my ACH went through fine, and i can see statement on the servicing web site.
Did you guys have to call LenderFi to see when the servicing would be available to create an account. It has been a few days since I closed. I go to the lenderfi servicing website but it says it cant find my application with my loan ID. I wonder if I need to just keep checking or will I get some sort of email from LenderFi?
calabel
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Re: My LenderFi refinance is going well

Post by calabel »

Goal33 wrote: Tue Sep 01, 2020 12:14 pm
calabel wrote: Tue Sep 01, 2020 10:48 am
Goal33 wrote: Sun Aug 30, 2020 2:04 pm
wordsmith11 wrote: Sun Aug 30, 2020 1:40 am
calabel wrote: Fri Aug 28, 2020 10:53 am

I've been emailing pretty frequently to remind them about the issue of which state I'll be in and trying to stay ahead of the lock expiring on 9/2, but all that's done is having the loan processor respond for a third time on 8/26 to say they've reached out to see if they (the closer, presumably) can get this scheduled soon. Time is starting to get tight for the lock expiration and I'm not sure what the holdup is other than their generally overloaded pipeline.
Blew past my rate lock (not because we weren't super responsive). I never mentioned it and neither did they. Closed and funded as expected. Whether it ended up costing them, I don't know but it never came up in any of the back and forth.
Glad to hear that... I’m worried about this since we are about to blow past my rate lock too. I think the only ones closing early are when they don’t come back for more information.
I've still heard nothing from my closer and no contact about scheduling a signing appointment, so I emailed my processor again. My lock expires tomorrow, and given I was told "cleared to close, you'll hear from the closer soon" for the first time on 8/19 a full 50% of the lock period will have elapsed simply waiting to hear from the closer after I was approved to close...
Keep us posted.
Finally was able to actually speak with my processor, who confirmed that the rate locks are all being extended and they have many loans in their own processing pipeline stuck waiting for the closing team.
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

calabel wrote: Tue Sep 01, 2020 2:15 pm
Goal33 wrote: Tue Sep 01, 2020 12:14 pm
calabel wrote: Tue Sep 01, 2020 10:48 am
Goal33 wrote: Sun Aug 30, 2020 2:04 pm
wordsmith11 wrote: Sun Aug 30, 2020 1:40 am

Blew past my rate lock (not because we weren't super responsive). I never mentioned it and neither did they. Closed and funded as expected. Whether it ended up costing them, I don't know but it never came up in any of the back and forth.
Glad to hear that... I’m worried about this since we are about to blow past my rate lock too. I think the only ones closing early are when they don’t come back for more information.
I've still heard nothing from my closer and no contact about scheduling a signing appointment, so I emailed my processor again. My lock expires tomorrow, and given I was told "cleared to close, you'll hear from the closer soon" for the first time on 8/19 a full 50% of the lock period will have elapsed simply waiting to hear from the closer after I was approved to close...
Keep us posted.
Finally was able to actually speak with my processor, who confirmed that the rate locks are all being extended and they have many loans in their own processing pipeline stuck waiting for the closing team.
I presume it’s unprecedentedly stuck but would be great if they could give an ETA.
calabel
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Re: My LenderFi refinance is going well

Post by calabel »

Goal33 wrote: Tue Sep 01, 2020 2:44 pm
calabel wrote: Tue Sep 01, 2020 2:15 pm
Goal33 wrote: Tue Sep 01, 2020 12:14 pm
calabel wrote: Tue Sep 01, 2020 10:48 am
Goal33 wrote: Sun Aug 30, 2020 2:04 pm

Glad to hear that... I’m worried about this since we are about to blow past my rate lock too. I think the only ones closing early are when they don’t come back for more information.
I've still heard nothing from my closer and no contact about scheduling a signing appointment, so I emailed my processor again. My lock expires tomorrow, and given I was told "cleared to close, you'll hear from the closer soon" for the first time on 8/19 a full 50% of the lock period will have elapsed simply waiting to hear from the closer after I was approved to close...
Keep us posted.
Finally was able to actually speak with my processor, who confirmed that the rate locks are all being extended and they have many loans in their own processing pipeline stuck waiting for the closing team.
I presume it’s unprecedentedly stuck but would be great if they could give an ETA.
Just spoke with someone from the closing team, we set a tentative time to sign later this week that's being sent over to title. Hopefully this means we're almost wrapped up!
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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle »

calabel wrote: Tue Sep 01, 2020 3:37 pm Just spoke with someone from the closing team, we set a tentative time to sign later this week that's being sent over to title. Hopefully this means we're almost wrapped up!
Calabel, two things.

When you get your disclosures, look at what the funding date is. If it is beyond 9/10, pay your existing lender your September payment. Upthread folks have reported delays in LenderFi actually funding on the funding date.

Also, if you end up making that Sept payment, I would not pursue pushing LenderFi to lower the payoff amount because of it. As delayed as things are, just wrap it up and pocket any excess when the old lender refunds it, or make an extra principal payment on the new loan with the excess.
Last edited by BrandonBogle on Tue Sep 01, 2020 3:51 pm, edited 2 times in total.
newbiead
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Re: My LenderFi refinance is going well

Post by newbiead »

I want to say "Thank you" to everyone in this thread and mega-refi thread. Closed the loan with LenderFi yesterday at 2.5% 30 yr. Start to end exactly a month. Now just need to make sure I get my escrow amount back from Wells Fargo and the "few hundred dollars" that LenderFi paid extra to Wells as disbursement!
calabel
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Joined: Fri Sep 15, 2017 4:14 pm

Re: My LenderFi refinance is going well

Post by calabel »

BrandonBogle wrote: Tue Sep 01, 2020 3:41 pm Calabel, two things.

When you get your disclosures, look at what the funding date is. If it is being 9/10, pay your existing lender your September payment. Upthread folks have reported delays in LenderFi actually funding on the funding date.

Also, if you end up making that Sept payment, I would not pursue pushing LenderFi to lower the payoff amount because of it. As delayed as things are, just wrap it up and pocket any excess when the old lender refunds it, or may an extra principal payment on the new loan with the excess.
I totally agree, no need to drag this out over the final payment to the old lender if it comes to that.
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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle »

newbiead wrote: Tue Sep 01, 2020 3:44 pm I want to say "Thank you" to everyone in this thread and mega-refi thread. Closed the loan with LenderFi yesterday at 2.5% 30 yr. Start to end exactly a month. Now just need to make sure I get my escrow amount back from Wells Fargo and the "few hundred dollars" that LenderFi paid extra to Wells as disbursement!
It would be a cosmic joke if your new LenderFi mortgage shows up at Wells Fargo before your prior WF mortgage pays out the escrow! :D
keith6014
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Re: My LenderFi refinance is going well

Post by keith6014 »

newbiead wrote: Tue Sep 01, 2020 3:44 pm I want to say "Thank you" to everyone in this thread and mega-refi thread. Closed the loan with LenderFi yesterday at 2.5% 30 yr. Start to end exactly a month. Now just need to make sure I get my escrow amount back from Wells Fargo and the "few hundred dollars" that LenderFi paid extra to Wells as disbursement!
Can you share your general location (what state), loan amount, and out of pocket cost(s)?
newbiead
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Re: My LenderFi refinance is going well

Post by newbiead »

BrandonBogle wrote: Tue Sep 01, 2020 3:51 pm
newbiead wrote: Tue Sep 01, 2020 3:44 pm I want to say "Thank you" to everyone in this thread and mega-refi thread. Closed the loan with LenderFi yesterday at 2.5% 30 yr. Start to end exactly a month. Now just need to make sure I get my escrow amount back from Wells Fargo and the "few hundred dollars" that LenderFi paid extra to Wells as disbursement!
It would be a cosmic joke if your new LenderFi mortgage shows up at Wells Fargo before your prior WF mortgage pays out the escrow! :D
Haha! I know! ;) I wouldn't mind that though! :)

As a side note, I did get this from LenderFi today :
"You will be receiving information about your first mortgage payment in the next 30 days. We will send you temporary coupons with the address and instructions on how to make your first mortgage payment."

Does it mean LenderFi/BSI Financial stays as my servicer or it could still goto another bank?
Last edited by newbiead on Tue Sep 01, 2020 6:09 pm, edited 1 time in total.
newbiead
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Re: My LenderFi refinance is going well

Post by newbiead »

keith6014 wrote: Tue Sep 01, 2020 4:20 pm
newbiead wrote: Tue Sep 01, 2020 3:44 pm I want to say "Thank you" to everyone in this thread and mega-refi thread. Closed the loan with LenderFi yesterday at 2.5% 30 yr. Start to end exactly a month. Now just need to make sure I get my escrow amount back from Wells Fargo and the "few hundred dollars" that LenderFi paid extra to Wells as disbursement!
Can you share your general location (what state), loan amount, and out of pocket cost(s)?
State CA, 700K loan amount, 0 closing cost. Appraisal waived with putting 999K as house value. But they made me have an escrow with 7 months property tax reserves (otherwise the guy said you would have to pay x $ in closing cost..didn't say how much). FYI - he did mention I could ask to get rid of the escrow after 3 months. Will see about that. Not sure if anybody here had any luck with that with LenderFi ?
jjhk121
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Re: My LenderFi refinance is going well

Post by jjhk121 »

newbiead wrote: Tue Sep 01, 2020 6:05 pm
keith6014 wrote: Tue Sep 01, 2020 4:20 pm
newbiead wrote: Tue Sep 01, 2020 3:44 pm I want to say "Thank you" to everyone in this thread and mega-refi thread. Closed the loan with LenderFi yesterday at 2.5% 30 yr. Start to end exactly a month. Now just need to make sure I get my escrow amount back from Wells Fargo and the "few hundred dollars" that LenderFi paid extra to Wells as disbursement!
Can you share your general location (what state), loan amount, and out of pocket cost(s)?
State CA, 700K loan amount, 0 closing cost. Appraisal waived with putting 999K as house value. But they made me have an escrow with 7 months property tax reserves (otherwise the guy said you would have to pay x $ in closing cost..didn't say how much). FYI - he did mention I could ask to get rid of the escrow after 3 months. Will see about that. Not sure if anybody here had any luck with that with LenderFi ?
When were you told that you had to have an escrow with 7 months property tax? Was it in your original loan estimate?
keith6014
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Joined: Thu Jan 02, 2014 11:58 pm

Re: My LenderFi refinance is going well

Post by keith6014 »

newbiead wrote: Tue Sep 01, 2020 6:05 pm
keith6014 wrote: Tue Sep 01, 2020 4:20 pm
newbiead wrote: Tue Sep 01, 2020 3:44 pm I want to say "Thank you" to everyone in this thread and mega-refi thread. Closed the loan with LenderFi yesterday at 2.5% 30 yr. Start to end exactly a month. Now just need to make sure I get my escrow amount back from Wells Fargo and the "few hundred dollars" that LenderFi paid extra to Wells as disbursement!
Can you share your general location (what state), loan amount, and out of pocket cost(s)?
State CA, 700K loan amount, 0 closing cost. Appraisal waived with putting 999K as house value. But they made me have an escrow with 7 months property tax reserves (otherwise the guy said you would have to pay x $ in closing cost..didn't say how much). FYI - he did mention I could ask to get rid of the escrow after 3 months. Will see about that. Not sure if anybody here had any luck with that with LenderFi ?
Thanks. I am up in 3 weeks. Did a refinance with LF in March. I am in NJ. Very similar loan amount and home value. I hope I can get close to you. Doubtful.
TropikThunder
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Re: My LenderFi refinance is going well

Post by TropikThunder »

jjhk121 wrote: Tue Sep 01, 2020 6:51 pm
newbiead wrote: Tue Sep 01, 2020 6:05 pm
keith6014 wrote: Tue Sep 01, 2020 4:20 pm
newbiead wrote: Tue Sep 01, 2020 3:44 pm I want to say "Thank you" to everyone in this thread and mega-refi thread. Closed the loan with LenderFi yesterday at 2.5% 30 yr. Start to end exactly a month. Now just need to make sure I get my escrow amount back from Wells Fargo and the "few hundred dollars" that LenderFi paid extra to Wells as disbursement!
Can you share your general location (what state), loan amount, and out of pocket cost(s)?
State CA, 700K loan amount, 0 closing cost. Appraisal waived with putting 999K as house value. But they made me have an escrow with 7 months property tax reserves (otherwise the guy said you would have to pay x $ in closing cost..didn't say how much). FYI - he did mention I could ask to get rid of the escrow after 3 months. Will see about that. Not sure if anybody here had any luck with that with LenderFi ?
When were you told that you had to have an escrow with 7 months property tax? Was it in your original loan estimate?
Not the one you asked, but I closed on mine early August and had to front the December 1/2 year tax bill ($2,050) in the initial escrow since there wouldn't be enough time to build it up between first payment (Sep 1) and due date (mid-December). Of course I get a lot of that back from current servicer.
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

newbiead wrote: Tue Sep 01, 2020 6:00 pm
BrandonBogle wrote: Tue Sep 01, 2020 3:51 pm
newbiead wrote: Tue Sep 01, 2020 3:44 pm I want to say "Thank you" to everyone in this thread and mega-refi thread. Closed the loan with LenderFi yesterday at 2.5% 30 yr. Start to end exactly a month. Now just need to make sure I get my escrow amount back from Wells Fargo and the "few hundred dollars" that LenderFi paid extra to Wells as disbursement!
It would be a cosmic joke if your new LenderFi mortgage shows up at Wells Fargo before your prior WF mortgage pays out the escrow! :D
Haha! I know! ;) I wouldn't mind that though! :)

As a side note, I did get this from LenderFi today :
"You will be receiving information about your first mortgage payment in the next 30 days. We will send you temporary coupons with the address and instructions on how to make your first mortgage payment."

Does it mean LenderFi/BSI Financial stays as my servicer or it could still goto another bank?
Your loan might be sold quickly and serviced by someone else. My closing paperwork said LenderFi would keep and service the loan. I closed at the end of July and less than 2 weeks later my loan was sold to Wells Fargo who took over servicing. Wells Fargo has now sold to Fannie Mae but will continue servicing. I did receive an email from LenderFi about Wells Fargo taking over the loan, and later a letter in the mail from Wells Fargo saying they were taking over the loan.

For my first refi by Ally in May, Wells Fargo was my original servicer and they were quick in escrow refund. Received the check 2 weeks from funding, and they rolled the payment overage into the escrow refund, so just one check.

For my July refi with LenderFi, the prior servicer was The Money Source, and they were slower, the escrow refund took 4 weeks to receive (they also rolled the overage into the escrow refund). My loan showed up in my old Wells Fargo account more than 2 weeks before I received my escrow refund...
Nuestroro
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Re: My LenderFi refinance is going well

Post by Nuestroro »

Want to thank everyone who recommended LenderFi. Just refinanced at 2.5% for 25 yrs. Other details: DC, $580K borrowed, home value $999K, LF paid all the costs, no appraisal. We paid into the escrow but expect to get that back from current mortgagee. My wife and I have excellent (800+) credit.

Most frustrating part was scheduling the closing. Amrock, the settlement company LF recommended and we accepted, was slammed. FWIW I shopped around for settlement services and title insurance and Amrock was competitive. I also had some trouble connecting with LF staff, but that’s because they’re also slammed. They made a sincere effort to be responsive.

LF was much cheaper than competitors. The best offer we got from others was 3% with no costs.
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Cobra Commander
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Re: My LenderFi refinance is going well

Post by Cobra Commander »

Nuestroro wrote: Tue Sep 01, 2020 11:17 pm Want to thank everyone who recommended LenderFi. Just refinanced at 2.5% for 25 yrs. Other details: DC, $580K borrowed, home value $999K, LF paid all the costs, no appraisal. We paid into the escrow but expect to get that back from current mortgagee. My wife and I have excellent (800+) credit.

Most frustrating part was scheduling the closing. Amrock, the settlement company LF recommended and we accepted, was slammed. FWIW I shopped around for settlement services and title insurance and Amrock was competitive. I also had some trouble connecting with LF staff, but that’s because they’re also slammed. They made a sincere effort to be responsive.

LF was much cheaper than competitors. The best offer we got from others was 3% with no costs.
Agreed, I was disappointed with Amrock as well. I called asking to review the closing disclosures the day before closing and they weren't ready yet. I asked them to send them to me ASAP when they were ready and they said they would. No response so I called the morning of closing and was finally able to get the docs. Fortunately everything looked ok but it was all very last minute with Amrock.
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

Cobra Commander wrote: Wed Sep 02, 2020 8:36 am
Nuestroro wrote: Tue Sep 01, 2020 11:17 pm Want to thank everyone who recommended LenderFi. Just refinanced at 2.5% for 25 yrs. Other details: DC, $580K borrowed, home value $999K, LF paid all the costs, no appraisal. We paid into the escrow but expect to get that back from current mortgagee. My wife and I have excellent (800+) credit.

Most frustrating part was scheduling the closing. Amrock, the settlement company LF recommended and we accepted, was slammed. FWIW I shopped around for settlement services and title insurance and Amrock was competitive. I also had some trouble connecting with LF staff, but that’s because they’re also slammed. They made a sincere effort to be responsive.

LF was much cheaper than competitors. The best offer we got from others was 3% with no costs.
Agreed, I was disappointed with Amrock as well. I called asking to review the closing disclosures the day before closing and they weren't ready yet. I asked them to send them to me ASAP when they were ready and they said they would. No response so I called the morning of closing and was finally able to get the docs. Fortunately everything looked ok but it was all very last minute with Amrock.
Interesting. When I closed at the end of July, Amrock was the settlement company as well, but when I asked them for the final closing disclosure the day before closing was scheduled, they told me that LenderFi would provide it. So I reached out to my loan processor at LenderFi who looped in the closing coordinator who sent me the final closing disclosure later that evening (the night before closing). Fortunately there were no issues, but I wish I had received it earlier to give enough time to fix any issues if there were any.
tato2017
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Re: My LenderFi refinance is going well

Post by tato2017 »

newbiead wrote: Tue Sep 01, 2020 12:38 pm
tato2017 wrote: Tue Sep 01, 2020 12:26 pm
tato2017 wrote: Mon Aug 31, 2020 9:39 am
MBJ0909 wrote: Fri Aug 28, 2020 12:53 pm
newbiead wrote: Fri Aug 28, 2020 12:44 pm
So did you guys have to mail in the check for atleast the first month then if it took a month to get the online ACH setup ?
No, I didn't. I closed on 7/18, my first payment not due till 9/1. On 8/19 I was able to create and account and set up ACH to start on the 1st.
same for me as well. First payment is 9/1 and setup ACH 10 days ago. I will see how it goes this week.
my ACH went through fine, and i can see statement on the servicing web site.
Did you guys have to call LenderFi to see when the servicing would be available to create an account. It has been a few days since I closed. I go to the lenderfi servicing website but it says it cant find my application with my loan ID. I wonder if I need to just keep checking or will I get some sort of email from LenderFi?
No i did not call but initially i was getting the same error but two weeks after closing i was able to login and create an account and they also mailed instruction payment coupon two weeks after closing.
newbiead
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Re: My LenderFi refinance is going well

Post by newbiead »

jjhk121 wrote: Tue Sep 01, 2020 6:51 pm
newbiead wrote: Tue Sep 01, 2020 6:05 pm
keith6014 wrote: Tue Sep 01, 2020 4:20 pm
newbiead wrote: Tue Sep 01, 2020 3:44 pm I want to say "Thank you" to everyone in this thread and mega-refi thread. Closed the loan with LenderFi yesterday at 2.5% 30 yr. Start to end exactly a month. Now just need to make sure I get my escrow amount back from Wells Fargo and the "few hundred dollars" that LenderFi paid extra to Wells as disbursement!
Can you share your general location (what state), loan amount, and out of pocket cost(s)?
State CA, 700K loan amount, 0 closing cost. Appraisal waived with putting 999K as house value. But they made me have an escrow with 7 months property tax reserves (otherwise the guy said you would have to pay x $ in closing cost..didn't say how much). FYI - he did mention I could ask to get rid of the escrow after 3 months. Will see about that. Not sure if anybody here had any luck with that with LenderFi ?
When were you told that you had to have an escrow with 7 months property tax? Was it in your original loan estimate?
Yes
nearyneary
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Re: My LenderFi refinance is going well

Post by nearyneary »

My lock expired on 9/2, and I still haven't heard a peep about closing or received a clear to close or closing disclosures. Processor called me last week- we played phone tag, but never actually talked. If this takes much longer, I might just give up (especially if I lose my job soon, which is entirely possible). I can pay off the mortgage right now, but with rates so low, I felt like it made more sense to keep it and refinance. But maybe not.
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

nearyneary wrote: Fri Sep 04, 2020 1:57 pm My lock expired on 9/2, and I still haven't heard a peep about closing or received a clear to close or closing disclosures. Processor called me last week- we played phone tag, but never actually talked. If this takes much longer, I might just give up (especially if I lose my job soon, which is entirely possible). I can pay off the mortgage right now, but with rates so low, I felt like it made more sense to keep it and refinance. But maybe not.
Exact same situation as me. No closing disclosure here either. Wife is going to lose job. Won't impact our ability to pay but will be a material change from initial app... She's in the lucky situation where she can tell them when she wants to lose this job within a couple of weeks... but its hard to keep giving them the "we don't know" update.
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

nearyneary wrote: Fri Sep 04, 2020 1:57 pm My lock expired on 9/2, and I still haven't heard a peep about closing or received a clear to close or closing disclosures. Processor called me last week- we played phone tag, but never actually talked. If this takes much longer, I might just give up (especially if I lose my job soon, which is entirely possible). I can pay off the mortgage right now, but with rates so low, I felt like it made more sense to keep it and refinance. But maybe not.
what did the processor want?
nearyneary
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Re: My LenderFi refinance is going well

Post by nearyneary »

Goal33 wrote: Fri Sep 04, 2020 2:18 pm
nearyneary wrote: Fri Sep 04, 2020 1:57 pm My lock expired on 9/2, and I still haven't heard a peep about closing or received a clear to close or closing disclosures. Processor called me last week- we played phone tag, but never actually talked. If this takes much longer, I might just give up (especially if I lose my job soon, which is entirely possible). I can pay off the mortgage right now, but with rates so low, I felt like it made more sense to keep it and refinance. But maybe not.
what did the processor want?
I don't know. He called me and left a message, I called back and left a message, and then didn't hear from him again. No emails, either.
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

nearyneary wrote: Fri Sep 04, 2020 2:53 pm
Goal33 wrote: Fri Sep 04, 2020 2:18 pm
nearyneary wrote: Fri Sep 04, 2020 1:57 pm My lock expired on 9/2, and I still haven't heard a peep about closing or received a clear to close or closing disclosures. Processor called me last week- we played phone tag, but never actually talked. If this takes much longer, I might just give up (especially if I lose my job soon, which is entirely possible). I can pay off the mortgage right now, but with rates so low, I felt like it made more sense to keep it and refinance. But maybe not.
what did the processor want?
I don't know. He called me and left a message, I called back and left a message, and then didn't hear from him again. No emails, either.
Well I’m crossing my fingers for you. I feel stuck too. Not sure if I should start shopping elsewhere and how that might impact this process now given new places will want to run credit. Would be great if LenderFi could give some reassurance. I know they are swamped.
nearyneary
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Re: My LenderFi refinance is going well

Post by nearyneary »

Goal33 wrote: Fri Sep 04, 2020 3:05 pm
nearyneary wrote: Fri Sep 04, 2020 2:53 pm
Goal33 wrote: Fri Sep 04, 2020 2:18 pm
nearyneary wrote: Fri Sep 04, 2020 1:57 pm My lock expired on 9/2, and I still haven't heard a peep about closing or received a clear to close or closing disclosures. Processor called me last week- we played phone tag, but never actually talked. If this takes much longer, I might just give up (especially if I lose my job soon, which is entirely possible). I can pay off the mortgage right now, but with rates so low, I felt like it made more sense to keep it and refinance. But maybe not.
what did the processor want?
I don't know. He called me and left a message, I called back and left a message, and then didn't hear from him again. No emails, either.
Well I’m crossing my fingers for you. I feel stuck too. Not sure if I should start shopping elsewhere and how that might impact this process now given new places will want to run credit. Would be great if LenderFi could give some reassurance. I know they are swamped.
Thanks, I'll cross my fingers for you, too. I feel like it's too late for me to shop around again in light of the job situation... but I also feel like it's more of a loss for the lender than for me if this doesn't close. If I just pay it off, then I have a 0% interest rate (and a little less liquidity, but that should be okay, I think/ hope).
ossipago
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Re: My LenderFi refinance is going well

Post by ossipago »

I just got my LE from LenderFi and rate isn't locked (I already submitted preliminary financial information through their main site; this is in the stage where you begin to e-sign documents through their portal). When do they actually lock a rate in?
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

ossipago wrote: Fri Sep 04, 2020 3:53 pm I just got my LE from LenderFi and rate isn't locked (I already submitted preliminary financial information through their main site; this is in the stage where you begin to e-sign documents through their portal). When do they actually lock a rate in?
Have you told them you want to lock it?
ossipago
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Re: My LenderFi refinance is going well

Post by ossipago »

Goal33 wrote: Fri Sep 04, 2020 3:57 pm
ossipago wrote: Fri Sep 04, 2020 3:53 pm I just got my LE from LenderFi and rate isn't locked (I already submitted preliminary financial information through their main site; this is in the stage where you begin to e-sign documents through their portal). When do they actually lock a rate in?
Have you told them you want to lock it?
No, I thought since everything else so far has been electronic I would get an option to do electronically. I'll talk to them.
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

Has anybody else blown past the rate lock with LenderFi? At best I can’t imagine being at funding until 3 weeks after the rate lock expiration. Will they still honor their locks?
keith6014
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Re: My LenderFi refinance is going well

Post by keith6014 »

My 6month refinance period is coming to an end. I contacted my loan officer and he told me to contact him in mid September. I also called around and so far Loan Depot gave me a 30 year/2.65% with no costs. On LF's website the rate is much higher. I am not sure if I should start the paper work with LD or wait 2 more weeks for LF.

My LTV is 69.80%. Location NJ.
JanzelO
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Re: My LenderFi refinance is going well

Post by JanzelO »

Goal33 wrote: Fri Sep 04, 2020 4:44 pm Has anybody else blown past the rate lock with LenderFi? At best I can’t imagine being at funding until 3 weeks after the rate lock expiration. Will they still honor their locks?
Right now my LenderFi refinance is being held up by a subordination of a 2nd loan (HELOC). They said they would honor the rate.
jjhk121
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Re: My LenderFi refinance is going well

Post by jjhk121 »

My lock expires on the 10th. My processor ordered my HOA docs on the 3rd but said that the turn around time is about 7 to 10 business days so they'll be extending the lock to accommodate that.
Billionaire07
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Re: My LenderFi refinance is going well

Post by Billionaire07 »

I refi with LenderFi in july with 180 days clause, however I paid points so there were no lender credits. Wonder if I refi in the 180 time period what happens if there are no lender credits that they could crawl back on ...I had got good rate ~2.0 (~2.3 APR), 15Y ~415K however was in hurry at that time (even though I wanted to wait for rates dipping further).
Billionaire07
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Re: My LenderFi refinance is going well

Post by Billionaire07 »

Nuestroro wrote: Tue Sep 01, 2020 11:17 pm
Most frustrating part was scheduling the closing. Amrock, the settlement company LF recommended and we accepted, was slammed. FWIW I shopped around for settlement services and title insurance and Amrock was competitive. I also had some trouble connecting with LF staff, but that’s because they’re also slammed. They made a sincere effort to be responsive.
I didn't have much issues with Amrock in July. Amrock has online ACH capabilities to pay closing (think they had some limits) vs. just DD/wire (which comes with fees and sometimes visiting a bank branch, in current situation not a good option). My agent was slightly late (10-15 mins) however she sent a text informing me about the same, beforehand.

So far LenderFi has given good experience (pre-closing they were very responsive, guessing the points I paid might have been one reason).

Post-closing as well they were responsive to query around online registration, they indicated once everything is in place I will receive an email/mail with package etc. I don't recollect now if I received any email, however I just tried registering one day (few days before my 1st payment due) and registration worked.
  • The ACH payment processing on their servicing site is still basic (doesnt allow to saver your bank accounts) however partial payments work (my clause, guess a norm, is accumulate partial payment till entire amount is received).
  • Note: There is a fee if you pay ~5 days after due date, even if payment is within grace period. So just be careful of that.
  • Am trying to setup my Discover bank account to pay the mortgage, however first payment didn't get processed in time, mostly by Discover since LenderFi didn't show up in known entities in their system and I might have given their CA address vs. their Dallas address for payments. So hopefully once setup can use of the grace period
Billionaire07
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Re: My LenderFi refinance is going well

Post by Billionaire07 »

njdealguy wrote: Thu Aug 20, 2020 12:58 pm Just found out my lenderfi refi that have closed in June was sold to BSI Financial from PA which seems to be the servicer of others that refinanced with LenderFi.

I'm getting nervous now reading the online reviews of this company and wondering how other's experiences have been with this servicer. From reviews looks like this company has used tactics like neglecting to cash paper checks that are mailed for the first mortgage payment and then falsely claiming and reporting to credit bureaus the payment was made late, charging service fees to make an online payment, and then unresponsive customer service in general. Unfortunately do have escrow also and wonder what a hassle it could be to get it waived later.

Hope this doesnt turn out to be the case after having a very stable and straightforward experience with previous servicer before the refi Chase bank!
Not sure if BSI is just outsourced serving partner vs. sold to BSI. Mine is with Fannie Mae however they indicated LenderFi is still my servicer, nothing about BSI Financial being servicer. The system and website is BSI however LenderFi might be still the servicer at least their login and post-login shows me LenderFi https://myloanweb.com/lenderfi/
My first online payment (well I tested small amounts so partial payments) went fine. However read on their site that they do charge for ACH if paid after certain number of days after due date even if within grace period. Don't want to rely on mailed paper checks getting delayed especially in current situation around politicized USPS (who would have imagined this :shock: ) higher risk of mails not reaching on time!
gg1908
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Re: My LenderFi refinance is going well

Post by gg1908 »

Hello,
I have recently been shopping for refi option and found out about Lenderfi on this website. I applied last week but they did not get back to me. I then applied to Sebonic (
Cardinal) financial and they got back to me immediately with a good offer and I locked the rate the same day (60-day lock). Today Lenderfi contacted me and made a better offer (without me telling them anything about the other lender) and they offered a 30-day lock. Given that they seem to be very busy, is it wise to cancel with sebonic and go with them and trust they will close in 30 days?
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